Greece, Italy, Albania Leaders OK $2B Trans-Adriatic Pipeline

Law360, New York (February 13, 2013, 3:00 PM EST) -- The leaders of Greece, Italy and Albania on Wednesday signed a three-way agreement officially endorsing the proposed $2 billion Trans-Adriatic Pipeline that would carry gas from Caspian Sea fields to Europe, giving it a boost over a rival project.

The governments' move cements a preliminary agreement reached by the countries' foreign ministers at a September meeting, where they signed an intergovernmental pact that signaled their support of the 500-mile pipeline, which is slated to run between Azerbaijan-controlled offshore gas stores and European markets looking to diversify...